Why Pre-Qualification is Important
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It is helpful to visit with a mortgage professional early, even before you have determined the sort of home to look for. What for? Perhaps it's difficult to fathom how we can help even before you start to talk about prices and negotiations.
When we pre-qualify you, we help you figure out the amount in monthly payments you can afford, and how much we of a loan you can qualify for. We accomplish this by considering your income and debts, your employment and residence circumstances, your funds available for down payment, required reserves, and some other things. It is a short, thorough process with minimal risks for papercuts.
Once you are determined to be eligible, we prove our confidence in your capacity to qualify for a mortgage by giving you a Pre-Qualification Letter (also known as a "pre-qual").
Several beneifits open to you once you find your next house, and have pre-qualification. First, you have some general numbers in mind, as the amount you will be able to borrow. Of greater importance to the home seller, your pre-qualification is like your having walked into their house with a bag full of cash ready to purchase the house! They will not need to worry that they have been wasting their time if you don't have the ability to qualify for a high enough mortgage. The seller of the home won't wonder if he can trust you to qualify for your loan.Your qualifying for your needed loan amount will not be something for them to lose sleep over. You have the capability to back up your offer.
We can help you pre-qualify
When we pre-qualify you, we help you figure out how much of a monthly payment you can fit in your budget, and the size of loan you will qualify for. In this process, we look at your borrowing potential - reviewing your employment, money available for down payment, debt, income, and other circumstances. We will require a minimum amount of paperwork, with a quick process.
Face to Face
You can always use the calculators available on this website to get an idea of how much mortgage you will be able to afford - but it's also valuable to talk with us. For one thing, you'll need a Pre-Qualification Letter! Then, we'll make sure we have the ideal mortgage loan program for your situation. We're waiting to hear from you: contact us at (909) 467-1090.